MADISON, Wis – Today, Construction Business Group’s Disadvantaged Business Enterprise Development Initiative and the Wisconsin Small Business Development Center’s Capital Access Clinic announced a strategic partnership to help minority, women, and other historically disadvantaged-owned businesses get a foot in the door of Wisconsin’s transportation construction industry.
“The goal of CBG’s Disadvantaged Business Enterprise Initiative is to help minority, women, and other historically disadvantaged-owned businesses to be part of the transportation industry. However, time and time again we see a funding gap when it comes to the capital necessary for these businesses to get a start in the industry,” said CBG’s Disadvantaged Business Enterprise Development Director Joe Davis, Sr. “With this newly formed partnership, we hope the industry training CBG provides, matched with the expertise the Wisconsin Small Business Development Center’s Capital Access Clinic has in helping businesses raise private capital, will lead to real growth for Wisconsin’s disadvantaged transportation contractors.”
CBG’s Disadvantaged Business Enterprise Development Initiative (DBEDI) builds further capacity, supports growth, and provides development opportunities for Disadvantaged Business Enterprises (DBE) who seek certification in the State of Wisconsin’s transportation industry. The DBE program sets a national goal of placing at least 10% of federal highway and transit funds with persons who qualify as disadvantaged small business operators. WisDOT invests over $1.5 billion annually in federal and state dollars for state highway, airport and transit projects. These funds translate into millions of dollars in transportation-related contracts and project work for DBE firms.
“The transportation builders industry has high upfront capital needs. We hope to assist businesses going through CBG’s DBEDI with the tools they need to get the funding necessary to help their business flourish,” stated Capital Access Clinic’s Financial Consultant Alia Carroll. “The SBDC Capital Access Clinic financial consultants can help these disadvantaged businesses navigate the ins and outs of obtaining private financing and open doors into the transportation industry.”
The Wisconsin Small Business Development Center’s Capital Access Clinic aids Wisconsin entrepreneurs who are seeking financing for their business. Through the Capital Access Clinic, entrepreneurs have access to an expert team of financial consultants. In 2022, the Capital Access Clinic has already served over 380 clients, resulting in nearly $12.5 million in capital investments.
CBG Executive Director Robb Kahl added, “Wisconsin’s growing diversity is an asset for future growth and opportunities across the state. Through this important partnership with SBDC, we’re hopeful CBG can help position the transportation industry to be a leader in developing our state’s diverse talent.”
Current or potential disadvantaged businesses interested in being part of Wisconsin’s transportation industry should contact CBG’s Disadvantaged Business Enterprise Development Initiative at 608-310-8353 or visit https://cbgwi.com/page-1/.
About Construction Business Group
Construction Business Group is a Joint Labor-Management organization representing the interests 30,000 Operating Engineers, Carpenters, Laborers and Painters and 4,000 contractors. CBG’s purpose is to enhance business opportunities and quality of life by ensuring fairness, equity and standards of excellence in the construction industry of Wisconsin. www.cbgwi.com
About the Wisconsin SBDC
The Wisconsin Small Business Development Center (SBDC) is a nationally accredited statewide network supporting entrepreneurs and business owners through no-cost, confidential consulting and business education. Regional SBDC experts facilitate improvement and growth for small and emerging mid-size companies and help launch successful new enterprises. The Wisconsin SBDC is hosted by the University of Wisconsin System under the Institute for Business & Entrepreneurship. It is funded in part through a cooperative agreement with the U.S. Small Business Administration. https://wisconsinsbdc.org/services/initiatives/capital-access-clinic/
